Will Trusts are relatively similar to conventional Last Will & Testaments. However, they are slightly more sophisticated providing additional practical benefits and additional financial benefits.
Will Trusts are recommended instead of Last Will & Testaments for anybody who owns their own home or has savings.
The legal facility provided by a Will Trust is extremely important for couples who have ex partners, children from previous relationships or former co-habitee’s. Unlike a Last Will and Testament, a Will Trust offers protection from ex partners and children from previous relationships of the deceased, seeking to mount a legal challenge to the right of the surviving partner to remain living in the family home.
A Will Trust is also extremely important for couples who wish to put into place a Severance of Joint Tenancy arrangement to reduce their liability to pay Care Home Fee’s to the Local Authority.
If you or your partner is forced to go into a Care Home your Local Authority can charge the cost of staying in a Care Home (£600 – £900 per week) to the person in Care’s savings. If they do not have sufficient savings, a debt repayable to the Local Authority which must be paid when your home is sold is created. Therefore, the amount of money your children inherit can be reduced dramatically. A Will Trust can in a completely legal way, reduce the liability to pay Local Authority Care Home fees by up to 50%.
A Will Trust is also extremely important for couples who wish to put into place a Severance of Joint Tenancy arrangement to reduce their liability to pay Inheritance Tax to the Government.
If the value of your and your partners Estate is sufficient, the Government can charge your children Inheritance Tax when they inherit your Estate. Inheritance Tax is currently calculated at 40%, this can reduce the amount of money your children inherit dramatically. A Will Trust can in a completely legal way, reduce your childrens Inheritance Tax bill by up to 100%.
Will Trusts are a cost effective alternative for people who can not afford a Wealth Preservation Family Trusts.
We provide professionally drafted and fully insured Will Trust at very reasonable prices.
34 Clarence Street, Southend-On-Sea, SS1 1BD
Telephone: 01702 414 100